Personal Banking: Traditional IRA
- FDIC insurance
- Funded with pre-tax dollars
- Adjusted gross income limitations apply
- Non-working spouse may contribute up to the maximum amount annually
- Working spouse may contribute up to the maximum amount annually
- Withdrawal eligibility begins at age 59 1/2
- Mandatory withdrawals must begin by age 70 1/2
- Ability to make “catch-up” contributions of the maximum amount may begin at age 50
- Withdrawals in retirement subject to ordinary income taxes
- Early withdrawals may be subject to normal early withdrawal penalties
- Semi-annual statement
- Interest compounded
- Online and telephone banking available
